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The Iron got a bum deal by taking advantage of a new FA loophole, allowing sponsors on the back of shorts.
But from the summer they will become main shirt sponsors AND see the ground renamed as as the Jeep Car Park.
They will pay £100,000 a season in a five-year deal.
It brings to an end 16 years of history, with the Glanford Park name biting the dust.
The ground was named in a sponsorship deal with the then Glanford Borough Council when it was built in 1988.
But under local government reorganisation in the mid 90s, the council bit the dust - taking United's sponsorship money with it.
Elliott, a lifelong Iron fan, said: "Like the Jeep brand, Scunthorpe combines ruggedness with style.
"I am hopeful that they will be able to maintain their hopes of promotion."
He also promised that at least half of the money, £250,000, will be made available for team strengthening.
Elliott added: "The only way we would agree to such a deal was if it was clearly in the interest of the club.
"We have shown a committment to the side this season, and expect to add £50,000 to our player budget to next year as a result of this deal."